A secured loan is a type of loan that is backed by collateral, such as property, a vehicle, or other valuable assets. If the borrower fails to repay the loan, the lender has the right to seize the collateral to recover the amount.
✅ Lower Interest Rates – Since the loan is backed by collateral, interest rates are generally lower than unsecured loans.
✅ Higher Loan Amounts – Lenders may offer larger loan amounts due to reduced risk.
✅ Easier Approval – Suitable for individuals with lower credit scores since collateral reduces lender risk.
✅ Risk of Asset Loss – If the borrower defaults, the lender can take possession of the pledged asset.
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A mortgage loan is a secured loan where property is used as collateral to borrow funds for home purchase, construction, or other financial needs. It offers long-term repayment options with competitive interest rates.
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